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| Ikem Okuhu, Analyst-in-Chief, Brandish |
Brands
In
the light of the debilitating challenges that has been facing banks operating
in Nigeria of recent, especially since the current economic recession, a forum
will on March 30, 2017, at the White House Hotel, GRA, Ikeja, assemble experts
and industry leaders to discuss a way forward for players in the financial
services industry.
Tagged,
the “Meeting of Minds” the forum is
put together by BRANDish, Nigeria’s leading marketing and brands communication
publication, has as its theme; “What Should Nigerian Banks do Differently”
and is part of contributions to conversations geared towards lifting businesses
in Nigeria off the recession by changing the way businesses are conducted,
especially by the banks.
Banks
in Nigeria have been facing tough times since the current recession hit the Nigerian
economy with shrinking deposit liabilities that was worsened by the
implementation of the Treasury Single Account regime which took public sector
deposits and Federal Government revenue collections from the banks.
The
consequence of this has been massive job losses in the industry as banks, no
longer able to cope with huge wage bills in the face of thawing revenue, have
had to ask many of its employees to go.
Speaking
on the reasons behind the “Meeting of Minds,” Ikem Okuhu, Analyst-in-Chief,
BRANDish, said the event, billed to hold every quarter will seek to aggregate
expert views on what banks in Nigeria should do differently, not just to enable
them remain in business but also to ensure they provide the needed support to
enable the economy grow.
“Everybody
is in agreement that banks in Nigeria are currently facing very difficult
times. Businesses that should be the critical drivers of growth for this sector
are shrinking as a result of the economic slowdown and banks, which, on their
part, should be supporting businesses are finding it hard to survive. This
calls for urgent rethinking and rejigging of what banks do and how they do it,”
he stated.
Okuhu
also drew attention to the fact that apart from the introduction of technology
that has smoothened banking business over the last 10 years, the approach of
bankers to the business of engagement and marketing has virtually remained
unchanged the beginning of banking business in Nigeria.
“I
will not hold brief for the experts that will be speaking on that day, but you
will agree with me that there is need to tweak, or altogether alter the
approach of banks to the business of banking. The current mode has outlived its
usefulness and there is urgent need to fashion a new way for the business,
otherwise, the economy will continue to be beleaguered and banks, as a result
will continue to slide,” he explained.
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